Nowonomics (NOWO) Q2 2024 earnings summary

Executive summary

• EBITDA improved by 5.4 MSEK to -9.6 MSEK for H1 2024, a 37% improvement year-over-year, driven by cost reductions and increased revenues.

• Net result after tax improved by 6.0 MSEK to -13.7 MSEK for H1 2024 compared to -19.7 MSEK in H1 2023.

• Nowo Global Fund AUM increased by 22.3% to 525.9 MSEK during H1 2024, with a value growth of over 14%.

• Strategic partnership with Coop Sverige AB launched, providing access to 3.9 million Coop members.

• New CEO Rutger Selin appointed in May 2024.

Financial highlights

• H1 2024 revenues were 6.2 MSEK, slightly down from 6.4 MSEK in H1 2023.

• Q2 2024 revenues increased to 3.7 MSEK from 2.9 MSEK in Q2 2023.

• EBITDA for H1 2024 was -9.6 MSEK, an improvement from -15.2 MSEK in H1 2023.

• Net loss for H1 2024 was -13.7 MSEK, compared to -19.7 MSEK in H1 2023.

• Cash and cash equivalents at June 30, 2024, were 13.0 MSEK, up from 5.3 MSEK a year earlier.

Outlook and guidance

• Continued focus on cost optimization and scalable fund management to drive profitability.

• Expansion of personalized advisory services and digital tools expected to support future growth.

• Launch of new premium products and AI-driven advisory features planned for H2 2024.